Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Covid-hit steel market showing signs of recovery, says Aditya Mittal.


Date: 03-08-2020
Subject: Covid-hit steel market showing signs of recovery, says Aditya Mittal
The Indian steel market has started showing signs of recovery after being hit hard by the COVID-19 pandemic and subsequent lockdowns, ArcelorMittal Nippon Steel India Chairman Aditya Mittal has said. Aditya, son of steel baron LN Mittal, said that operations at ArcelorMittal Nippon Steel India’s (formerly Essar Steel) Hazira plant in Gujarat are running at full capacity.

He said that the COVID-19 pandemic severely disrupted domestic demand, in particular during the month of April; however, there is a recovery visible in the market.

“We are seeing the domestic market recover and that’s a reason why our operations are running at full capacity (at Hazira in Gujarat),” he told PTI on a query pertaining to the domestic demand. In December 2019, global steel giant ArcelorMittal announced acquisition of debt-laden Essar Steel and forming a joint venture AM/NS India with Japan-based Nippon Steel.

Aditya Mittal, who is also president and CFO of parent company ArcelorMittal, was appointed chairman of AM/NS India, while Dilip Oommen was appointed as the CEO. ArcelorMittal posted a net loss of USD 559 million for the second quarter ended June 30, 2020 amid COVID-19 disruptions and termed the quarter as the most difficult period in its history.

Sales in the April-June quarter were USD 11.0 billion, down from USD 19.3 billion in the corresponding period in 2019. Total steel shipments in the second quarter of 2020 were 23.7 per cent lower at 14.8 million tonnes (MT).

On the performance of AM/NS India, Mittal in an investor presentation said that in the second quarter, the company’s crude steel production fell to 1.2 MT from 1.7 MT in January-March 2020, while EBITDA was also lower at USD 107 million as compared to USD 140 million in the first quarter. The business was impacted by COVID-19, he added.

When asked if AM/NS India would shift its focus on exports to drive its growth, Mittal said the company would continue to focus on the domestic market to increase business. “The focus remains on the domestic market. (In India) per capita steel consumption is much lower than most of the other countries of the world. That is a key reason why we have made investment to be part of the growth of the Indian industry,” he said.

The coronavirus outbreak led to a fall in steel demand in domestic market and this forced major steel players to look to the export markets to sell their products as demand was low domestically. In an update on the sector, the Ministry of Steel has also said that the domestic steel industry has started showing signs of improvement in the month of June, after hitting the nadir in April 2020 due to spread of COVID-19 pandemic and nationwide lockdown.

In June, the country’s crude steel production stood at 6.8 million tonnes, 17.7 per cent higher over May 2020 and over 100 per cent rise over April 2020, according to ministry data. In terms of prices, the retail prices of HRC (hot rolled coil), CRC (cold rolled coil) and rebar increased by 1.43 per cent, 1.69 per cent and 2.17 per cent respectively in June, due to uptick in various activities because of phased relaxation in lockdown along with an increase in exports during the month. “BSE Sensex and BSE Metal Indices registered an increase of 6.1 per cent and 4.7 per cent, respectively, in the month of June 2020, indicating recovery after lockdown,” it said.

Source:- financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 23-07-2024
Notification No. 39/2024-Customs
Seeks to amend notification No. 45/2017-Customs dated 30th June, 2017 in order to extend the time period of re-import.

Date: 23-07-2024
Notification No. 51/2024-Customs (N.T.)
Seeks to amend Customs Tariff (Identification, Assessment and Collection Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995 to provide for New Shippers Review

Date: 23-07-2024
Notification No. 29/2024-CUSTOMS
Seeks to amend notification No. 154/94-Customs dated the 13th July, 1994 which provides for duty free import of commercial samples.

Date: 23-07-2024
Notification No. 31/2024-Customs
Seeks to amend notification No. 11/2021-Customs dated 1st February, 2021 so as to revise AIDC applicable on certainitems.

Date: 23-07-2024
Notification No. 33/2024-Customs
Seeks to amend notification No. 57/2000-Customs dated 8th May 2000, which provides concessional rate for gold, silver and platinum imported under specified schemes.

Date: 23-07-2024
Notification No. 34/2024-Customs
Seeks to amend notification related to electronics including Nos.25/1999-Customs, 25/2002-Customs and 57/2017- Customs.

Date: 23-07-2024
NOTIFICATION No. 35/2024-Customs
Seeks to amend notification No. 8/2020-Customs dated 1st February, 2020 in order to revise Health Cess on certain items.

Date: 23-07-2024
Notification No. 36/2024-Customs
Seeks to provide exemption/concessional rate of BCD and SWS to critical minerals.

Date: 23-07-2024
Notification No. 37/2024-Customs
Seeks to amend notification no. 27/2011-Customs dated 1st March, 2011 in order to amend the export duty on specified items of raw hides, skins and leather.

Date: 19-07-2024
Notification No. 50/2024 –Customs (N.T.)
Amendment to Notification No. 24/2023-Customs (N.T.) dated 01.04.2023 - Extension of RoDTEP support to exports by unit in SEZ.



Exim Guru Copyright © 1999-2024 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001